November 2015 Edina Real Estate Market Update

Posted by Kris Lindahl on Saturday, November 28th, 2015 at 12:48pm.

The latest Edina real estate market statistics are out and it appears that it is still relatively stable. Unlike the overheated sellers’ markets in other Twin Cities suburbs, Edina seems to be holding steady in a balanced mode.

New Listings in Edina

One significant change in Edina’s real estate market is that the number of new listings to hit the market increased more than 5 percent, halting a 3-consecutive month decrease over this time last year. This is good news for homebuyers hoping to get into an Edina home for sale before the heated spring buying market.

The number of closed sales increased 21.4 percent, however, which caused a more than 12 percent decrease in the number of available homes for sale in Edina.

Median Sales Price in Edina

The median sales price of an Edina home is $350,000, down almost 5 percent from this time last year and off $40,000 from last month’s median sale price.

Days on the Market

Last year an Edina home for sale remained on the market an average of 74 days. This year homes sit for 83 days, on average. This represents an increase from the previous month’s figure as well; when the average days an Edina home remained on the market was 60 days.

Edina homeowners only received 93.9 percent of their original list price which indicates, again, that they’re overpricing their homes for the current market. If you want your home to sell quickly, price it appropriately.

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